Mumbai ranks third, Delhi fifth
Manila and Tokyo in the first two places
Mumbai leads in the real estate market. Prices of luxury homes have increased by 11.5 percent in the last 12 months. Globally, it moved to third place after Manila and Tokyo. In the national capital Delhi, luxury home prices have increased by 10.5 percent, placing it fifth internationally. This update comes after Prime Global Cities Index report released by Knight Frank. Bengaluru has noteworthy reductions in luxury home prices compared to Delhi and Mumbai. The annual growth rate in luxury home prices is 26.2 percent in Manila, ranking it in the first position. Tokyo ranks second with an annual growth rate of 12.5 percent. Perth is in fourth place with an annual growth rate of 11.1 percent.
The country’s GDP has increased by more than 8 percent, indicating strong economic progress in major cities like Delhi and Mumbai. Knight Frank has analysed the increasing prices of homes in many major cities of the country. If we look at the financial year 2023, Mumbai is on the verge of three rankings. Delhi has moved from 17th place to fifth place. However, Bengaluru has dropped from 16th place to 17th place. Annual growth is only 4.8 percent in home prices here. Knight Frank has indicated that there is an opportunity to buy in the luxury home market in a few trimesters. During the period 2013-2020, demand for residential units in seven major cities in the country is around 20.68 lakh units, supply recorded 23.55 lakh units, and rates have remained stable.
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